“When I grow up I want to buy a 4 bedroom 2 bathroom house in a great suburb, work 2 jobs and never afford to go on holiday ever.”, said the five year old child never.
Owning a home or being in the mortgage club has continued its passing from generation to generation, but my concern is that we as parents may be setting our children up for failure in a world that is already full of pressure and competition to get a good education and gain employment while also experiencing a high percentage of anxiety to continue to follow the path before them.
I sat listening to my grandmother tell me the story of how they scrimped and saved every penny to buy their first home while eating porridge for dinner many times during my early years (please don’t get me wrong, this story and the many others that I was privilege to hear I will always cherish), but it was the reality of life as an adult that changed my view of what was truly important. The regrets of many that they wish they had travelled or spent more time with their loved ones. The possibilities that some may not have left enough space in their life to share their wonderful homes with.
Listening to and reading the many tales in the media of how devastating it is to Generation Y that they may possibly never own a home or be able to live life a comfortable life over the last few weeks may have just been like waving a red flag to me. If this is your dream then I say go for it but please lets stop telling the next generation that they will live a failed life if they don’t own a house.
The expectation that each generation should do better than the next has always been there, but by better do we mean they should own more material objects?
Generation Y; it is okay if you rent instead of buying and if you decide to buy a house that is great to. Generations before you survived the depression and many other financial downturns including the recession and moved forward. The decision is yours to make, do it with pride.